Student Loan

The banks are not showing benevolence while granting loans. They have resorted to stringent criteria to judge if the applicants are really in dire need of loans and are able to pay off timely installment. They cannot be blamed. The last couples of years witness to severe crisis for the lending institutions. But such tough stand creates problems for the lenders especially for those who badly need education loan. The scholastic expenses are escalating day by day. So, it is getting harder to achieve education goals without an education loan.

Getting a student loan is easy if you have a cosigner. A person willing to act as a cosigner must have convincing credit status. Generally, a cosigner happens to be a friend or family member. But not everyone is lucky to have such a person by the side in times of need. Some students do not find plausible cosigners and the rest are not willing to approach a relative or friend to cosign a deal with them.

However, there are still good news for those without any cosigner. The proverb goes – if there is a will, there is a way. Here are some crucial tips for students like you who are bent on applying for education loan but have no cosigner to get the job done without much delay.


Most probably, you have not heard it before. It stands for Free Application for Student Aid. This option is of great help to get loans without the intervention of a cosigner. One of the good things about FAFSA is that it is available free of cost. FAFSA requires you to fill out which may take time. May be due to this time-consuming process, some students do not go for it. But it is nothing but a big mistake and an act of imprudence on part of them. FAFSA informs the students as to which loans and grants are easily accessible to them. Most of these loans are meant for the college-goers and do not require a cosigner.

Financial Assistance from Government

Government too actively participates in doling out financial aid to the needy candidates. Financial assistance from government comes in form of loan. It means the receivers of government loans are obliged to repay the amount, failing of which may push them into troubles. But at the same time, may students get waiver just because they are unable to pay off much at a time. Lax rules and favorable interest rate have made the government funded loan a favorite with the students. However, truth is that such a loan can not suffice the students’ need. It is akin to a drop in the ocean. With government-backed monetary assistance, you cannot meet your requirements if you have got no scholarship. However, the fact that such loan can be secured without a cosigner is great news for the students.

Do not borrow more than necessary

Make sure you do not borrow more than necessary. Of course, those evenings in the pub are cozy and borrowing seems like a very easy solution to make ends meet. But afterwards you may regret that you borrowed so much. Moreover, many former students have problems with paying off the student debt and you can get fewer mortgages if you have a student debt. Calculate your monthly income and expenses and calculate how much you really need.

Find a job

Pay fun things like nights in the pub or vacation with the income of a part-time job. Colleagues often differ per semester, so it is good to have a flexible part-time job. Fortunately, there are several jobs that are suitable for next to the study. Think for example of a job in the supermarket, catering or a call center. It is of course even better if you can find a job that matches your study direction, so that you can gain some work experience during your studies.

Ask for an internship allowance

Are you going to do an internship? Then you usually have less (or no) time to work in addition to your job. Companies in the Netherlands are not obliged to offer students an internship allowance. You can, however, ask for this during the job interview. The level of the internship allowance often depends on your level of study, your study program, the type of internship, the duration of the internship and any relevant work experience.

Save on fixed costs

The less you spend the less money you have to borrow. Buy your textbooks second-hand, do cheap shopping once a week for the whole week and use student discounts. You can also often save a lot of money by comparing your telecom subscription, insurance and / or energy.

Conclusion for You

You pay less interest if you start paying back before the repayment period starts. Make sure you pay the payment terms on time. If you do not do this, the unpaid installments will be transferred to a bailiff. And of course you do not want that, there are a lot of extra costs involved.